HUMAN CAPITAL AND ECONOMIC GROWTH IN CHINA 117
Notes 1 See, for example, Cai and Wang (1999), Hu Angang (2002), Zhou Ya (2004), Hou and Cao (2000), and Hu Yongyuan (2005). Zhang (2000) and Qian and Liu (2007) calculated China’s human capital stock based on total investment (cost side); Zhu and Xu (2007) and Wang and Xiang (2006) estimated human capital from the income side. Zhou Delu (2005) and Yu (2008) used a weighted average of human capital attributes to construct a measurement. 2 See Stroombergen, Rose, and Nana (2002) for a comprehensive survey of methodologies. 3 This is the estimate for intangible capital. 4 There may also be differences in the working lifespan over which human capital is generated, but this effect is likely to be small relative to the expected rate of growth in earnings. 5 A discount rate of 3.14 percent was used, equivalent to the average real return on 10-year government bonds from 1996 to 2007. 6 Data used to estimate the Mincer equations come from two well-known household surveys in China: the annual Urban Household Survey and the China Health and Nutrition Survey (the latter covers both rural and urban households).
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